In this article, we'll talk about the popular web3 social platforms on the Avalanche blockchain.

Nowadays, there's a new kind of social platform where users can buy or share other people's accounts. It all started with Friend Tech on the Base chain.

After that, many similar platforms popped up on different chains. Stars Arena was one of these new platforms, and it was launched on the Avalanche chain.

However, Stars Arena didn't last very long. On October 7, hackers managed to steal all the money locked in the Arena, and as a result, the platform's value dropped to zero.

As of my writing this article, Stars Arena is still unavailable. I also looked at what was happening on the platform before the hack, and if it ever comes back, I'll update this dashboard.

Let's start with some basic facts about Stars Arena. Since Stars Arena launched on September 20, almost 25,000 unique users put their money into it. All these users together did around 1.7 million transactions, which means each user made about 67 transactions on average.

Until October 2, not much money was going in and out of Stars Arena. It was usually below 50,000. But after that date, a lot more money started moving in and out, reaching almost 500,000 per day, way more than before. On October 6, the last day when they tracked the money coming in, something bad happened. News about a hack spread, and users started taking their money out, and just a day later, all the funds were gone!

If that terrible hack hadn't occurred, Stars Arena could have become one of the fastest-growing platforms on Avalanche, considering the Total Value Locked (TVL) and the money it was making. In a short period, Stars Arena made around $406,000 in revenue and generated nearly $2 million in fees since September 19.

On October 6, when everything was going exceptionally well, the platform raked in $128,000 in revenue in a single day, which was a record-breaking achievement.

In the chart below, you can see that the total value of assets locked in Stars Arena quickly grew to $2.5 million or 256,000 AVAX in just under 20 days. Unfortunately, after October 6, the total value locked dropped to zero.

You might be familiar with how these social platforms operate. Users can buy or sell shares, and the price of shares varies depending on how many people hold them. On Stars Arena, there were 5,700 unique traders, meaning these users engaged in buying or selling shares. They made a total of 5,700 transactions with a trading volume of $4.4 million in USD.

Similar to other aspects, user activity on Stars Arena increased in October and reached 2,500 unique buyers per day, a significant increase from the previous 300 buyers.

The daily breakdown of transactions reveals that initially, users were mainly purchasing shares. However, after two days, the proportion of share selling increased to 41%, and as the days went by, the daily trading of shares (both buying and selling) became more balanced.

In the end, nearly 50% of transactions involved buying shares, and the other 50% involved selling. In total, 57% of all transactions were related to buying shares.

When we consider both buying and selling activities, the total trading volume reached $4.4 million in US Dollars. The volume for buying was approximately $3 million or 303,000 AVAX, and the volume for selling was $1.4 million or 150,000 AVAX.

Between October 2 and October 6, the trading volume reached its peak, with a single day seeing a total buy volume of $869,000 and a sell volume of $287,000 in US Dollars. This period coincided with the highest level of excitement and interest in Stars Arena, likely contributing to the significant growth in trading activity.

On average, the price for buying shares was $16, while selling shares was at $10. The highest-priced share ever bought reached $10,700, and the highest-priced share ever sold was $6,400. Since the start, the average prices for both buying and selling shares increased daily, and just before the hack, the average buying price reached its peak at nearly $30.